Experience vs education in fund management

[yeokiwi]

The second caveat is that one doesn't actually have to live through the experience. One can read about them. 'If I have one criticism of modern business schools and economics department, it is that there's an awful lot of theory and not enough history.'

Indeed, history provides many lessons to investors.
Besides that, the understanding of local context is very important too. An experienced fund manager will probably be able to pick out bargains instantly without doing extensive calculation.

As seen from the numerous S-chips' failures, many investors(including myself) lost money simply because we had no inklings on the behavior and conduct of the China businessmen in China and those IPO managers that brought these companies over to be listed in Singapore.
Nothing, not even a detailed analysis can displace these experiences.